Your Numbers Have Hit!  Congratulations, you’re an instant millionaire!  This guide lists resources that may help you enjoy your newfound wealth and, at the same time, protect your nest egg.

First Step…Prepare!  Whether you like it or not, your life has changed.  Do you like it?  Of course you do!  However, there are some negatives that come with being wealthy.  Before you go cashing that winning ticket, you may want to look for articles with suggestions regarding preliminary steps you can take to facilitate a smooth transition into a life of champagne wishes and caviar dreams. The following is one article found on the subject. This link is not an endorsement of the article but simply provided as a beginning:
“You Won The Lottery! Now What?”
 
Tax Information - Washington State does not have a state income tax.

The Internal Revenue Service (IRS) treats gambling winnings, including those obtained through lotteries, as taxable wages earned. When you win a large prize, the Washington State Lottery withholds 25% of your winnings and wires it to the IRS.  (If the amount doesn’t cover the taxes you actually owe on the winnings, then the IRS will be asking you for more money.) You will receive a W-2G Form for your income tax return. For more information on gambling taxes:
IRS Topic – Gambling Income and Expenses
IRS Topic – Gambling Income and Losses
USC Title 26 – Internal Revenue Code

Giving Gifts - It is also important to keep in mind that gift taxes may apply for every gift you make to friends and family.  The IRS rules say that, as of 2006, you can make up to a $12,000 gift for each and everyone you know each year without incurring a gift tax.  For a discussion of federal gift taxation, you may want to visit the following websites:
IRS Topic – Estate and Gift Taxes
IRS Topic – Gift Taxes

Wills And Estate Planning - Wills and trusts can be the backbone to a solid financial plan.  When drafting a will, it is important to know the laws of the state in which you live.  In Washington State, the laws regarding wills can be found in Title 11.12 of the Revised Code of Washington (RCW).  There is also an online website that contains instructions and forms for creating a valid will in Washington State.  Furthermore, KCLL has a guide to get you started with your trust:
RCW Title 11.12 – Wills
Washington (State) Probate – Washington Wills
KCLL’s Estate Planning Research Guide

Books, Etc. - KCLL has many of the above-named resources in print format, as well as other useful resources:
Tax Management Portfolios, Vol.  392-5                                  (KF 6289 .A1 T35 US v.392-5 Sec. A-122)
United States Code Annotated                                                  (KF 62.5 .W45)
Washington Estate Planning Deskbook                                 (RES KF 750 .Z99 W37 2005)
Washington Wills and Trust Forms                                          (KF 755 .R48 1985)
Wills for Washington: How to Make Your Own Will                (KF 757 .Z9 H61 1996 Kent)

General Information - If you are interested in the history of the lottery in Washington State, how the funds from the lottery are allocated, the legislation that created the Washington State lottery, or simply wish to keep up with current lottery news, you may want to visit the following websites:
Washington Lottery’s website                           
RCW Title 67.70 – State Lottery                                  
WAC Title 315 – Lottery Commission
KCLL’s Researching WA Legislative History Guide